1031 exchange closing checklist
Coordinate both 1031 exchange closings with confidence.
Use this checklist with the qualified intermediary, closing attorney or title company, CPA, lender, broker, and other transaction professionals. Begin before the relinquished property transfers.
Professional coordination
One checklist for the sale and acquisition.
A delayed exchange connects two separate closings through the exchange agreement, assignments, notices, proceeds restrictions, identification, and funding instructions. Early document exchange gives every professional time to reconcile the file.
Coordinated workflow
What happens after the referral.
- 01
Before the sale closing
Engage the QI; send the contract, vesting, property, price, payoff, closing, and adviser information; review the exchange documents.
- 02
At the sale closing
Deliver assignment notice, follow the QI instructions, direct proceeds to the QI, and send the final closing record.
- 03
During the identification period
The exchanger delivers signed, unambiguous written identification by day 45 while the team advances replacement due diligence and financing.
- 04
Before the purchase closing
Send the replacement contract, vesting, property description, estimated statement, lender, and closing contacts to the QI.
- 05
At the purchase closing
Execute the acquisition documents, verify funding, complete the transfer within the applicable exchange period, and return the final closing record.
- QI engagement completed before the relinquished-property transfer.
- Exchange agreement, assignment, notice, and closing instructions received.
- Taxpayer or entity, vesting, property, and dates reconciled.
- Settlement statement reviewed for the exchange structure.
- All wiring instructions independently verified by known telephone number.
- No exchange proceeds disbursed to or controlled by the exchanger.
- Final statements and evidence of transfer delivered to the QI.
Protect the transaction
Do not let the closing outrun the exchange setup.
A sale generally cannot be converted into a deferred exchange after the exchanger has received or controlled the proceeds.
The 45-day identification and general 180-day completion periods run concurrently and are not extended because due diligence or financing is incomplete.
The checklist supports coordination; it does not determine tax eligibility, legal title, settlement duties, or the client's tax result.
Professional resource
Keep the exchange conversation moving.
Download the branded guide, share it with your transaction team, and call North Oak Exchange before the relinquished property closes.
Professional FAQs
Common referral questions
When should the closing professional contact the QI?
Immediately after learning that the seller intends a 1031 exchange, and always before the relinquished-property closing.
Should the QI appear on the settlement statement?
The statement should accurately reflect the exchange structure and the QI's role as applicable. The closing professional should follow the transaction-specific exchange and closing instructions.
What documents does the QI generally prepare?
The exchange agreement, assignment documents, notices, and closing instructions, plus replacement-property acquisition and funding documents as applicable.
How should wires be verified?
Call a known, trusted telephone number to verify every instruction and any change. Do not rely solely on email.
A client may have a taxable sale?
Make the introduction before closing.
North Oak Exchange will explain the QI process, gather the transaction details, and coordinate directly with the client and authorized professionals.
General educational information only—not individualized tax, legal, accounting, investment, brokerage, title, settlement, or real-estate advice. Each client should consult independent advisers.